Top 3 Reasons for a Crypto Wallet!


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You've seen the countless advertisements saying you can get free crypto if you sign up for a cryptocurrency exchange account.  You jumped on board and went through the verification steps.  You took a few quizzes, passed some tests, and now you own your very first cryptocurrencies!  Well... kind of!  You obtained your crypto and now you want to keep it secured I assume.  Who likes getting robbed?  Not me!

While crypto is highly secured and encrypted to begin with, it's always best to keep your crypto off of an exchange and stored in a wallet.  This ensures that now you personally own your encrypted keys and can do whatever you want with them.  The point of crypto is decentralization and you having control over your own money... so you might as well do everything you can do ensure this is happening!

In this article, I will be going over my top 3 reasons why it's important to have a crypto wallet for all your crypto!

 

I am not sponsored by anyone or anything mentioned in this article. 
This is not financial advice.  I am not a financial advisor.
Please do your own research before making any decisions before investing. 
This article is meant for educational purposes only.

 

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I'm going to make this easy for all of us with a bullet list!  This list is in no particular ranking from most important to least, as these are all very important points! 

 

  • Security & Privacy:  This is why crypto wallets even exist... to safely store and secure your crypto off of an exchange.  When sending and receiving crypto from your wallet, the other person only sees an address with no name, location, or any private information shared.  Heck, you could be getting your crypto from Antarctica and not even know it!  Only you can approve the transaction with a key, not having to rely on any third-parties.  Once a transaction is initiated, it's pretty unstoppable.  The transaction is extremely difficult to hack and reroute and the transaction can't really be stopped.  So not only are your crypto keys now secured, you can do as you please with whoever you want!  Crypto wallets also feature various types of authentication tools to ensure that you, and only you, are accessing your wallet. 
  • Ease of Use:  Remember carrying around loads of fiat currency bills in your back pocket?  Not anymore!  Your keys are now stored in your [most popularly] mobile wallet directly on your phone.  Besides carrying your ID, you will not need your physical leather wallet to hold on to your funds.  You can trade anywhere in the world to anyone!  There's no need to worry about the different exchange rates at a specific moment in time, only a transaction fee.  Since crypto is very transparent, you'll know what these transaction fees are prior to completing it, always.  No waiting on a bank to complete the transaction, no hidden costs, period.  Just whip out your phone, copy the address, and send and receive those cryptos!
  • Earnings:  Some crypto wallets allow you to earn additional crypto for specific coins or tokens just by holding them.  If you having a savings account through your bank (yuck), this is very similar to that, except you can earn much more than the traditional savings account.  Also, we know that the crypto market is everchanging and volatile.  Obviously you have the potential to earn as prices go through the "normal" market motions, but wouldn't it be better to earn when the value increases AND just for holding the coin/token?  I'd say yes to that all day long!  Why get an average of 0.04% APY with your bank when you can earn 6%+ APY on your crypto?  Seems like a no-brainer to me!

 

I hope this article helped the newcomer to the crypto community and was a fun read for the more experienced crowd!  Keeping your crypto secured in a wallet is beyond important and I think everyone should make the switch from the exchange to the wallet.  If you were wondering, I prefer using the Exodus Wallet.  It's user interface is extremely easy and there are a multitude of coins you can store on it. 

Security and decentralization is key, so protect your precious crypto keys at all costs! 

Do you have a favorite crypto wallet that you like to use?
Let us know in the comments down below!

 

Thanks so much for reading! 
Please feel free to follow my page for daily blog posts about crypto news, updates, and research! 
Have a wonderful day! 

 

This article was also posted to the Hive network via LeoFinance found here!

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Gongo
Gongo

I like to write about anything crypto! If you are also on Hive/LeoFinance, give my page a follow at leofinance.io/@cryptosota!


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